Reliance on ETL jobs for "recovery" is fraught with risk and entails
detailed planning, testing, documentation, and flawless execution. Database
recovery in ARCHIVELOG mode, on the other hand, is automatic, standardized,
supported, and 100% accurate.

> > The only db outage would be between step # 3 and 5. These steps will> be controlled from control-M product.> > I would like to know, is there any problem in this approach or is> there any better way to perform the same?

Yes, of course there are problems with this approach and there is a better
way: don't run in NOARCHIVELOG mode.